Kiboko Gold – The Next Multi-Million-Ounce Opportunity in the Abitibi?

0:07 Hello everyone and welcome to Koboko Gold's live investment summit today hosted by 6. I'm pleased to introduce their president and CEO, Jeremy Link. Jeremy is going to walk us through a company presentation and after we're going to be going into some questions that you can submit live using the Q&A chat found on the right hand side of your screen at any time during today's presentation. As always, because this event is on six.com, you can expect to see the recording in the coming days on demand. So if you want to refresh, check that out there and look for it. Without further ado, Jeremy, I'd like to hand things over to you to get us started.

0:39 Thank you very much, Cam. And thank you everyone else for joining today's webinar. Today, we're going to talk about Kiboku Gold, which is a relatively new public company, only having gone public at the end of June, in which we raised $6 million on an upsize IPO to fund an exploration program at the Harrah-Canter Gold Project in around the Val d'Or area of Quebec. There are some cautionary notes and disclaimers, essentially saying that we will be making some forward-looking statements during the presentation, and those are covered in detail in the handouts associated with this presentation. Now, Kiboko is a team that all met working together in West Africa, where we successfully re-evaluated at another core school project called Kalana that was ultimately sold to Endeavor Mining for about $160 million.

1:31 That team or key members from it got back together following that and decided to go out and try and find another overlooked course goal opportunity, which eventually led us to Quebec, where we optioned a large land package, 55 kilometers north of Beldore, arguably the most productive goal-producing region in Canada. What attracted us to the project was not its location, but that it was data-rich, meaning that it had a lot of historical data for us to work with, where we could see the potential to potentially define a multi-million ounce near-surface deposit. From the IPO proceeds, we've raised money to go out and do our own drilling to verify historical results with the aim of reporting a made and mine resource in the second quarter of 2023, which is really only a handful of months away.

2:22 Now I'm an investor too, and I invest in mining stocks across the full spectrum. And I always think it's very important that investors focus on management. A good team will know how to advance your project successfully and be able to execute. That's really what our team here is. It's lean, but everyone is an expert in their own field. Myself, I've been working on and off of Bay Street for the last 20 years since I was hired out of industry. I've worked on the sell side, I've worked on the buy side, and I spent the last 10 years working on the corporate side as part of the management team of several Gold producers. My most recent role, I was the vice president of corporate development for Avno Gold, which is where this team first met and worked together. Brad Poland, our CFO, was a financial consultant to Avno, And you can see by his resume, he's been associated with many successful large cap and small cap companies.

3:21 But the real stars of our team are the technical people. Dr. Olivier Femenias is our VP Geology, which is the same title he had at Avno. And Mr. Ira Jones, our VP Technical Services. Olivier had a distinguished academic career before he was recruited by IM Gold to work on their special projects team. One of the projects that he led was on a joint venture option agreement with a little company called Avnol Gold, where he drilled more than 160,000 meters into the Calana project. As part of that joint venture, Olivier campaigned for the project to be re-evaluated using coarse gold techniques, but never got the opportunity to do so as IM Gold exited the joint venture following the change in CEO when Steve Lettman came on board.

4:10 Subsequent to that, Olivier joined Avnol to finish what he began, which was to reevaluate the project using core scope techniques. And he quickly defined 1 million ounce high-grade resource and ultimately, 3 million ounces, measured and indicated at an open pit grade of around 4 grams per ton. This is also, the Calanter project is also where we first got to work with Ira Jones, who's our VP of Technical Services. Ira is a well-known high-end resource evaluator and he's associated with a number of very high-profile projects, such as Pridium's Boost Jack mine, Continental Gold's Bear Dicket Project and a handful of other companies. Our board is highly supportive and lean as well. Craig Williams Company has run more than US$1Bn of drill programs in the last decade.

5:01 John Morton is our lead independent director and chair of the audit committee. It's great to be working with him again. We worked closely together when I was at Alamos Gold. And then Amanda Sorsak, she's a senior VP at Berkshire Hathaway, and she has a tremendous amount of international mining experience on the insurance side. Now, Kiboko's team are proven coarse gold experts. Now I mentioned coarse gold a few times, and to be clear what we're talking about, we're talking about the small grains of visible gold, sometimes also known as nuggety Gold. The techniques needed to evaluate these projects can be somewhat niche. And sometimes when these techniques are not used or if a geologist doesn't have experience working with coarse Gold, particularly at a moderate grade, you know, 5g per tonne, give or take, the results can often be confusing.

5:49 Our team is clearly coarse Gold experts and here are some of the projects that our team have been associated with. I won't walk through each of these projects individually, But what I will point out is that each of them had a very long exploration history before they were re-evaluated as coarse gold. And once they were, tons and ounces were added quickly through the drill bit and these companies had access to capital regardless of market conditions and were ultimately acquired by larger companies. We believe that Heritage Canada is another one of these overlooked course goal project opportunities. As I mentioned earlier, we've consolidated a large 100 square kilometer land position 55 kilometers north of Val d'Or or about 15 kilometers east of Amos.

6:39 There were 6 projects here that we consolidated under 1 ownership, 230 claims. We have 100 percent interest in 230 of the claims and an option to earn 100% on the remainder with no timeline to do so as per the option agreement. Now as I mentioned earlier, what attracted us to the project was that it was data rich. And when we initially looked at this project, there were several hundred holes in a database that allowed us to do some initial evaluation to decide that this was something that we wanted to option that we thought had met our criteria for a course goal project to be re-evaluated using course goal techniques. And what we did then is we took the historical databases, put them to the side, and went back to source documents to compile our own geospatial data set to ensure completeness and accuracy.

7:30 And what we found is that there wasn't a few hundred holes that had been drilled on the project, but over 1000. And we found for 937 of them, assay records and data for collar locations, which gave us a huge data set of almost 140,000 meters of drilling. That drilling is primarily focused in 3 areas, roughly 80,000 metres at the Fontana area, another 21,000 metres at the Duvet area and 8,000 metres at the Montpas area. These projects are all relatively close to each other. Fontana is in the center, Duvet is 5 kilometers from the north, Montpas is 2 kilometers south of that. You can see here there's been some great results here in the past, arguably headline catching, whether it was a bear market or a bull market, You can see almost 24 grams per ton over almost 11 meters at Fontana.

8:19 Duvet also 9 grams per ton over 10 meters. Montpasque, which only has 31 holes, has also produced some interesting results at 3 to 6 grams per ton around 5 meters. But unfortunately, because it's been coarse gold, not all the results have been consistent, and that's because more appropriate techniques need to be used. Now, what are the techniques that Kiboko is going to use that are different than what prior operators have done. Because as you can see, there's been a lot of drilling down here in the past. And so if we go back and do the same thing as the last person, we're not gonna get a different result. So here we've used large diameter HQ core drilling and 5.5 inch RC drilling to collect larger, more representative samples.

9:04 The larger the sample, the more representative it is, the better estimate of grade it should provide. And I'll talk more about that in an upcoming slide. We're also going to sample each hole from top to bottom and assay every meter. You can see here historically that wasn't done. On the picture here on the left, you can see even at this scale that there are unsampled quartz veinlets in the discarded whole core. We believe this material is mineralized based upon bulk sampling that's done here historically of the wall rock that surrounds the principal veins, which showed about 16,000 tonnes were taken out in the late 1980s at a grade of about 1.2 grams per tonne. In the late 1980s, no 1 really cared about 1.2 grams per ton, but today for an open pit project that would be 3 or 4 times an economic cutoff.

9:53 And the third thing we'll do that's different is we'll use assay techniques that are specifically for quartz gold. That means screen fire assay or metallic screen, you may also know it as leach well with a fire assay on the tail or photon assay is another technique that can be used. And what's interesting is despite all the evidence on this project, whether it's the bulk sampling, whether it's descriptions of coarse gold in metallurgical test work, or all visions in the field or in the core, less than 5% of the assays on the project historically have been for coarse gold. But to really highlight the difference this makes in terms of characterization, the grade, What you can see here is that if you look at, here is a belt assay taken from the milling of a belt, sorry, the milling of a Belt Assay from the Hooper vein, which is on the Fontana area of our property, 1600 times were removed. You can see that here.

10:56 If you look at the standard fire assay, which is a 30g sample, arguably the cheapest assay technique you can do for gold. The average grade is 2.6 grams per tonne, which is very exciting. Now, if we're looking for a high, sorry, for an open pit project, generally anything above 2 grams per tonne is considered to be high grade. But look at what the screen fire assays did that were done concurrently. We can see here the average grade was 4.7 grams per ton, which is 80% higher, which is very exciting. Doesn't mean that we expect results from the work we do to be 80% higher, it just highlights the difference the assay technique can make. But what I think is most important is that the mill reported for this run an average grade of 4.98 grams per tonne, which is much closer to the 4.7g per tonne from the screen fire assays versus the 2.6g relative to the standard fire assays that were done.

11:57 The best way to figure out the grade is to actually go out and mine the project. The first thing that we're going to do here that's quite important for you to understand is that we're going to do larger diameter drilling. Historically, most of the drilling is BQ or smaller. We're doing HQ, which is 3 times larger and RC, which is 13 times larger than BQ by volume. You can get a sense here in this illustration of what that means. If you're looking for coarse Gold in a moderate grade environment, around 5g per tonne, give or take, you're only going to have 1 or 2 flecks of Gold. Your chance of intercepting that is quite small, especially once you've cut the core in 0.5, sampled it, sent it to the lab and assayed it. By using larger diameter drilling, the best metaphor is for this technique is you catch more fish with a net than you do with a spear. And that's the purpose here, larger samples that are more representative, and then sending larger samples to the lab. So the minimum sample we send to the lab is 500 grams with plans to send up to 2 kilograms to the lab for test work.

13:16 Now under the current CIM guidelines you can no longer produce a mineral resource unless you have your own drilling, which was the reason for Kiboko to go public, was to raise money for its own exploration drilling so that it could go back and evaluate and hopefully verify the historical drilling and the project site. But that historical data is useful because it does allow us to generate exploration targets. So Ivor Jones, our VP Technical Services with the help of Dr. Olivier Femenias, our VP Geology, examined all the historical data set and built models from that for exploration purposes. Olivier's interpretation is that Pericana is in a RIDAL type structural setting. Now, we don't need to get into the details behind that, but what's significant about that from my perspective is that Ivor Jones has a lot of experience modeling systems from his time working at Continental Gold's Buratica project, which is also in a RIDEL types setting.

14:15 From the historical data, Ivor has prepared an exploration model and when we look at the top 200 to 300 metres of mineralization in the model, it allows us to generate some ranges of tonnes and grain for the project. So for Fontana here, you can see that we believe there is potential for 13.6 to 23 million tons at a grade of 3 to 3.4 grams per ton. And if you were to do that math, it worked out to, you're looking for 1.3 up to 2.5 million ounces here based upon the historical data set in the exploration model. And overall for the project here, you can see we're looking for 20 to 33Mt at a grade between 2.7 and 3.6g per tonne. So we're looking at the potential here for a 2 to 3, maybe even a 4Moz Gold deposit once we've evaluated the entire Harakana project.

15:13 Our initial work program is really only focused on Fontana here and particularly on the vein portion of it because we don't have a lot of historical drilling outside of the veins. There you can see we're looking for somewhere between 1Moz to 2Moz at Fontana. I think

15:33 once we've done our phase 1 and our phase 2 drill program. Right now, we're doing phase 1, which is primarily focused along the main Fontana trend, which you can see here on the map is over 1.5km long. There's also a conjugate trend that we're focused on called Buckhouse over a clumber long and open in both directions. This is where our drilling is focused initially. The intention is only to drill into areas that we believe are mineralized based upon the historical data set and not to fill in any of these voids that you can see in the model. The intention is to go back with later drilling and fill in these voids. We don't think we need them here for the first phase of drilling to define an initial main resource for the project. But the significance

16:23 of these voids in the model really stands out when you look at the project in section. So here's a section for the project, and I don't think that you need to be an engineer to imagine maybe there's a pit here, maybe there's a pit here, and maybe there's a pit here. You can see here there's voids in the model here at depth. That's not due to complex geology, that's just due to lack of data in these areas. You can see that the model does extend to depth in certain areas where there is deeper drilling. You can see there's mineralized intercepts at 450m from surface, but we're looking for a near-surface open pit style project. We're focused on the top 300m and really we're focused on the top 100m and 200m at this time to define near-surface pits, which then will be able to demonstrate to investors that there is the opportunity to expand these pits with additional drilling in a subsequent drill program.

17:28 The Heraketa project has got an amazing location. It's conveniently located about 15 minutes from Amos, but for most investors, you're probably only familiar with, you're definitely familiar with Val d'Or, the Valley of Gold. It's about an hour's drive from the project site, or Roya Miranda, which is about 90 minutes

17:49 from the western side of Royale Miranda. This is really where all the service providers are in the Quebec side of the Abitibi, in these 3 communities. It's also important to note that where we are working is an emerging belt for gold exploration. So you've got Probe working somewhere around here, got Canora Land working in here, and then you've got Amex working over here. So definitely an emerging area for gold exploration. The project has great access. You know, there's paved highway right to the project site, and then there's a municipality maintained gravel road. We've got, Amos has a population of 13,000 people. It's a major metropolitan center with all the services that we need to support our project.

18:40 Project is also blessed to be very fortunate and it's fortunate to be located

18:46 near the Quebec Hydropower Corridor down here, just touching the southern portion of the property boundary. Quebec's is some of the lowest cost electricity in the world which is a big competitive advantage for mining companies. And it's also low carbon as well because it's hydroelectric. The project is also mostly on forestry land, which makes permitting generally very straightforward and a clear process. And also the project is in Quebec, which is where I think personally the world's best mining jurisdiction to be in. Not only do you have great geology, you've got a pro-mining attitude like I've really not seen anywhere else in the world and attractive tax incentives. So not only does the money we spend here, the government will give us roughly 31 cents cash back per dollar we spend, or if we raise flow-through funds to finance the project, we get some of the highest premiums in Canada, up to roughly 80% if you go through the charitable route. So just a fantastic place to work.

19:44 Now, Kiboko capital structure is relatively tight. So we've got about 44 million shares outstanding plus options and warrants for about 73 million shares fully diluted. Last traded I think it's 17 cents. So give us a market capitalization of about 7.5 million dollars. And at the end of the last quarter we had cash in about 4.2 million dollars.

20:06 Management is, I imagine the board are collectively is the largest shareholder of the company. You know we own 35 percent of the company in the 6 million dollar IPO we put it in about 450,000 dollars ourselves. The rest of our shareholder braces. So the rest of our shareholders are high net worth and retail investors, a handful of institutions, Trezo Resources, who we acquired the project from, and then IR Battery and Processing, another fund that members of our team have worked with closely in the past. Prior to the IPO, Kiboko's management and board owned 98% of the shares issued. Prior to the 25% IPO round, The other shareholder was IR Battery and Processing, who owned roughly 70,000 shares at that time.

20:56 So, Kuboco has done a lot to get to where we are today in 2002. Prior to doing the IPO, it took us 6-months or more to option to stake that land position. We had to negotiate a new Royalty Agreement with Globex. We went and digitised 140km of drilling ourselves. We did a drill hole collar search and resurvey in the field, geological interpretations and models, drill hole program planning and permitting. And then we completed the IPO at the end of June and started trading in July. Drilling commenced in mid-September, proceeded and just wrapped up. Really, the drill rigs are demobilizing today. We've drilled over 8,000m in 55 holes. Assays are pending for all these holes.

21:44 Kiboko, just like everybody else in the industry has faced long time, turnaround times for assays that were much longer than expected. But we still believe now that we are on track with what the lab has assured us in

21:57 terms of the rate that they intend to get up to in terms of delivering results that we'll be able to be in a position to hopefully report a minimum resource that we're targeting for Q2 of 2023, which is really only, we're in December now, so 4 months, 4 or 5 months away. And so We've talked about the Hair Canada project and what we're focused on today is this Fontana project here, this portion of it. You can see here there's a lot of other exploration targets on the project site.

22:32 Duvet is very exciting to us. We think there's potential here for a mineralized trend, a series of deposits that would make a nice satellite pits for something at Fontana. Mon Pass, although it has much less drilling in it, is also quite exciting for us. It could maybe be another potentially Fontana-sized system. But there's a number of other exploration targets here on the site that we believe are awesome, that should be no different than what we see at Fontana and need to be reevaluated using course goal techniques. But That's our immediate plan is not to go after the smaller deposits. But we know as a management team, we've worked at billion dollar companies that have acquired smaller ones and smaller companies who've been acquired by bigger ones. Showing that you can have expiration growth is a key part of maximizing shareholder value. Ability to slowly move projects up to resource evaluation so that a prospective buyer, because he's not only just paying for a 10-year mine life, but is paying for also resource growth, a potential to maybe extend mine life or maybe even increase throughput

23:36 over time. We think the Harrah Canada offers that kind of opportunity, which is why it was key to us to consolidate all 100 square kilometres of this project. So in summary, our team are proven coarse gold experts. This is what our team is well known for. We think that our Harra-Canna project is very similar to another project that we worked on that was acquired by Endeavor Mining for about $160 million. The Harra-Canna project is in Quebec, in the Val d'Or area, which we think is the best mining jurisdiction in the world. What attracted us to the project was that it was data-rich and allowed us to, which provided for the potential for multi-million ounce exploration targets. We're right now running, we're in the process of running a drill program to verify these historic results with over 55 holes completed. We're going to start up again in January with assays from the first 55 polls pending, which we hope to be reporting soon, all resulting in a made in mineral resource in the second quarter of next year.

24:43 And Cam, with that, that concludes the formal part of my presentation. I'll turn it back over to you. Absolutely, thanks so much, Jeremy, for the great presentation. And as a reminder to the audience, we are entering into the Q&A portion of today's session. So if you have any questions, please feel free to submit them in the Q&A chat found on the right-hand side of your screen. Jeremy, we've already received a few in advance. So let's start off with those. First one, outside of staffing issues, what's the other second biggest bottleneck with the labs? Yeah, so we had a quarterly update last week in which, you know, we talked about the turnaround times for the laboratory, much longer than we expected. So part of what the bottleneck for us is, in addition to the staffing issues that every industry is facing, not just the laboratory, is that for coarse gold you want to use specific techniques.

25:42 Part of the sample preparation is that we don't use a riffle splitter. Riffle splitter can produce roughly 30 samples per hour. We use a rotary splitter, which is what you use when you've got a heterogeneous material. So like you've got grains of coarse gold to produce more representative samples. The rotary splitter can only do about 7 samples per hour. So on a 12 hour shift, you get 84 samples done. The lab originally had ordered 2 rotary splitters specifically for us to offer this, but they've only been able to get one up and running. The second one, they've got a permitting issue in terms of expanding their facility. So that is one of the big bottlenecks that we face right now with the lab.

26:28 Fair enough. Another question, With 2022 coming to a close, what would you say your biggest accomplishments this year are? For us, the biggest accomplishments are is that we, as a company, that after a multi-year process we took the company public. We went up, raised $4.5 million in what were arguably difficult markets in May and were quickly able to upsize to $6 million, which made us feel like we had the project investors shared our vision for this project, the potential that it represents and to back this team. We got a drill program up and running in short order. You know, Kuboka was 4 people and now we've got contractors pushing maybe a dozen people in total working on this project, plus 2 drilling companies.

27:15 And now we've drilled over 8,000 meters in a period of 2, 2.5 months. So the rock's out of the ground and now we're just eagerly waiting for asset results. Awesome. Eric in the audience has a few questions. So Eric, I'm gonna kind of go through them. I'm gonna break it up. First one, what's the depth and type of overburden? The overburden is glacial till. Typically, it's less than 3m across the site, but there are some areas in which it can be as deep as 20m. But For the most part, it's roughly 3m across the site based upon the historical drilling at the Fontana area. At Monpath, there are areas where it could be a bit deeper, but that's what we're seeing in the area that we're working now. And that's pretty reflective of what we're seeing on the daily plots from the joint company.

28:06 Great. Next question. Have majors like AEM worked on the project in the past? No. So, Edneed Legal hasn't worked on the project. The prior largest company that has worked on a portion of these claims would be Orazon, which was acquired by Hecla Gold after Alamos Gold kicked it into play in 2012 or 2013. They went out and did some drilling here on the project, but just like everyone else, they went out and used the same drilling techniques, smaller diameter, standard fire assays and expecting to find different results. And they were also looking for like the porphyry style deposit, kind of like Osisko's, or sorry now, any legal Canadian malarctic mine, where we're looking for vein hosted mineralization.

28:58 Right. And the last of Eric's three-parter, is the Kenora Land, Jacoby project located nearby to the north? I believe it's to the east. Fair enough. Great. Another question we've had come in from Adama. Do you use ordinary crigging or MIK for the resources estimation? Yeah. So Adama, we don't have a resource estimate for the project. All we have is an exploration model and the grade estimates are based upon the historical data set, not by grade estimation techniques. For this stage of project, it's not industry practice to use sophisticated grade estimation techniques for an exploration target.

29:44 Once we have them in a resource, then we'll be able to use that. But for now, we had to use, based upon the drill hole data set numbers and then results from the and then also data gleaned from the bulk sampling ranges. Another question, what are the greatest challenges that you anticipate upcoming in 2023? The biggest challenges for the company, is always, the biggest concern for me is always people. It is a very tight employment market. We had a setback at the start in terms of the team. We initially were going to hire a large chunk of it, got hired away by a major mining company and so We had to go out and find a new contractor and we were very lucky to find another contractor who became available because their other client was unable to get a permit, so they were able to come in.

30:44 We were originally planning to hire locally and we brought in teams of geologists from SAG and A. So the biggest risk for me still is always people. We've got a great team though on the ground. Everyone seems really happy and excited working on the project. So I think We don't need to worry too much about that. But that is what that is for me. The biggest worry is people. Right. Other questions come in from the audience. What are the next steps in terms of drilling? Are you going to be using the same combination of RC and diamond drilling? Yeah. So for the I think for the winter, initially, we're going to just do diamond drilling. We're drilling an interesting area of the deposit where we'd like to get the core for looking at for structural purposes. And so that's the intention is to drill the remaining, I guess, what is there, 12 dozen holes or so from the Phase 1 program using diamond so that we can get core versus using RC.

31:40 All right. For the attendees in the room, what's the one highlight that they should be paying attention to or they should walk away with? The biggest thing to walk away with is that this is a coarse-gold project. It's been overlooked, misunderstood, and a team of coarse-gold specialists have come here and worked on it and we've done a major drill program with assays pending. The big thing here is like, you know, someone was going to put another 4 holes into it, whether they were good or bad, no one would care. But doing a large 60, 11,000 meters, 60 some odd holes drill program, that is a big whack of data. The drilling is on 40m spacings and we're going to use what we believe are more appropriate techniques. So I think there's a real opportunity here for this to become a high-profile project quite quickly.

32:33 All right, well listen Jeremy, that's all the questions we've received for today, so I want to thank you as well as everyone in the audience for that matter, especially those who have submitted questions for coming to you today and being a part of this. But before we wrap up, I want to pass things back to you for some closing remarks. Yeah, thank you very much, Kim, for hosting today's call. I really appreciate the audience as well turning out to, the live audience for turning out to answer questions and for those of you who are watching at home in your off hours. If you have any additional questions, please feel free to reach out to me. My phone number and email are here on the slide presentation, also available on the website in the bottom of every one of Keeboko's news releases. Thank you very much and Have a great day.